Forex: EUR/USD collapses on Draghi's speech

FXstreet.com (San Francisco) - The Euro is falling hard right on the back of downward revisions on the Euro zone's GDP in 2012 and 2013. In the last minutes, the EURUSD has fallen from 1.3085 to break down 1.3040 and set fresh intra-day low at 1.3025.

Draghi says that weakness is expected to extend into 2013. He also downgraded growth prospects amidst the backdrop of a soft global landscape.

Currently the EURUSD is trading at 1.3035, 0.25% below opening price action. A breach of 1.3007 (MA10d) would expose 1.2973 (low Dec.3) and finally 1.2969 (low Nov.30). Resistance are at 1.3127 (high Dec.5) ahead of 1.3129 (high Oct.18) and 1.3140 (high Oct.17).